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. >> key democrats and say the debt ceiling and the tax cuts are unrelated. >> not going to say i'm not going to pay my bills unless you stop buying stuff. so stop buying stuff so you don't have future bills but right now we have to pea the bell for what we incur. i you want to tie it to what we do next, fine. >> the big part of the budget is getting people back to work. >> president obama has said he will not negotiate with congress on whether they should pay their bills. some republicans are now criticizing his fiscal leadership. >> what is really disappointing to me is that the president isn't generating a discussion on his own help has to be dragged kicking and screaming to the table when he have these other big issues like the debt ceiling to get him to talk about it. i wish he would lead. >> after nancy pelosi appeared on national tv it was off to her annual happy new year's celebration in san francisco. she was greeted with a roar of applause at the presidio. the meeting answers the delance si street foundation. considered the country's leading residential self-help organiz
-your-face term. i'm not going to talk about the debt ceiling. we have yet to cut one dime from the last debt ceiling agreement and now here it's time. we've got to stop the madness. >> democratic congressman says it's quote, reckless and irresponsible not to pay bills that are due. >> molly henneberg, thank you. after decades of service to our country, this former general could be found in civilian clothes, not necessarily by choice. general stanley mcchrystal talking about what cut his career short and the man who become the 37th u.s. president was born in a house. the richard nixon library and museum has a plan for the centennial. we'll go live there for the details. ♪ people really love snapshot from progressive, but don't just listen to me. listen to these happy progressive customers. i plugged in snapshot, and 30 days later, i was saving big on car insurance. with snapshot, i kn what i could save before i switched to progressive. the better i drive, the more i save. i wi our company had something this cool. you're not filming this, are you? aw! camera shy. snapshot from progressive. t
to try to extract real spending cuts as a price for raising the debt ceiling they will have to be pretty tough about it because they will be accused of shutting the government down and might shut down in part. >> and the president as we were discussing in the preliminary conversation the president gets to decide what is shut down. >> one example would be suppose suddenly you can't finance 40% of government spending so the president and his treasury secretary decides one of the things to shut are the meat and poultry inspections done by the usda. that shuts the meat and poultry industry down in this country overnight and affects a lot of red states and a lot of red state members. this will be very he tough and bloody and ugly and i'm not sure -- i think a lot of republicans have to recognize if you control one house of the congress you can't really wag the dog from that position. you can do some things. what they need to do is win some elections. >> bill, who has the leverage here? >> the reelected president whose party controls one of the two houses of congress has more leverage. he won
cuts should be a different issue. >> if you raise the debt ceiling by a dollar, cut spending by a dollar. that is the way to go forward and we need a budget. our democratic friends haven't passed a budget in three years. >> the debt ceiling is about spending that has already occurred. you are going to say i'm not going to pay my bills unless you stop being stuff? well, then stop buying stuff so you don't have future bills but right now we have to pay the bills that have been incurred. >> shepard: the president said on saturday that he will not compromise over raising the debt ceiling. won't even put that on the table. shannon bream with the news live in washington this afternoon. how you is this strategy work out for republicans, shannon? >> shannon: the president says if they refuse everyone from business owners to average americans will suffer but republicans are calling his bluff saying the debt ceiling gives them leverage that will force democrats to get serious about spending cuts and entitlement reform. here is house republican jim jordan. >> let's do it for a change in
. the debt ceiling deal back in april of 2011 cuts $38.5 billion in spending. if you scale that down to your family example we just showed you, that would be like paying down $154,000 credit card balance by $385. so bigger automatic cuts are expected in two months, but our next guests, alan simpson and erskine bowles, two men who were on the president's debt commission, think it won't be enough. they say washington missed a magic moment to do something big. they are here to tell us where the ♪ [ male announcer ] how do you make 70,000 trades a second... ♪ reach one customer at a time? ♪ or help doctors turn billions of bytes of shared information... ♪ into a fifth anniversary of remission? ♪ whatever your business challenge, dell has the technology and services to help you solve it. whatever your business challenge, i've always kept my eye on her... but with so much health care noise, i didn't always watch out for myself. with unitedhealthcare, i get personalized information and rewards for addressing my health risks. but she's still going to give me a heart attack. that's health i
politically difficult to make far-reaching cuts. the debt ceiling deal back in april of 2011 cuts $38.5 billion in spending. if you scale that down to your family example we just showed you, that would be like paying down $154,000 credit card balance by $385. so bigger automatic cuts are expected in two months, but our next guests, alan simpson and erskine bowles, two men who were on the president's debt commission, think it won't be enough. they say washington missed a magic moment to do something big. they are here to tell us where the >>> we are back. joining me now, two of the nation's leading voices on fiscal responsibility, former republican senator alan simpson and former clinton chief of staff erskine bowles. welcome to you both. mr. bowles, let me start with you. you heard leader mcconnell. he said the question of revenue is now over. they have done this fiscal cliff deal, and there's no more concern among republicans about raising more revenue. how do you respond to that? >> well look, i think he's right about a lot of stuff. first of all, we've done all the easy stuff. all
about taxes with this most recent debt deal bu we're going to see some pretty significant spending cuts in the debt ceiling deal, right? >> yes. so we're going to have to resolve what was left untouched, which is the spending side. and hopefully there will be an agreement on long-term and medium-term reforms on the spending side. so that we can focus on other things. >> what about the federal reserve, that was also in the news, the fed releasing the minutes this week. there was word that a number of members of the fed wanted to stop this bond buying program, this so-called quantitative easing, at the end of this year. i mean, here we've got spending cuts, we've got uncertainties in the economy, and the one stimulus that everyone has been really looking forward to, the federal reserve stimulus, is now being threatened to come to an end this year. >> yes, so the market got worried, uh-oh, maybe the market is not as worried about qe as we thought. i think that's the wrong interpretation, maria. what we think is more likely is that certain members on the fomc are putting the market down. th
pretty significant spending cuts in the debt ceiling deal, right? >> yes. we're going to have to resolve what was left untouched. there will be agreement on long-term and medium term reforms on the spending side, so that we can focus on other things. >> what about the federal reserve? that was also in the news. the fed releasing the minutes this week. there was word that a number of members of the fed wanted to stop this bond buying program, the so-called quantitative easing at the end of this year. here we have spending cuts and uncertainties in the economy, and the one stimulus that everyone has been really looking forward to, the federal reserve stimulus, is now being threatened to come to an end this year. >> yes. the market got worried and said, oh, no, maybe the fed is not as committed to qe and stimulus as we thought. i think that's the wrong interpretation, maria. what we think is more likely is that certain members are putting a market out. they're reminding others, including the politicians, that there are costs and risks involved in what the fed is doing. they don't want the p
down clock is ticking down on the next potential crisis over the debt ceiling and sequester cuts. today an interview that raised eyebrows all over the city especially among republicans. correspondent shannon bream reports on the inside look on president's spending. >> with the last fiscal deal they are gearing up. as one of the key players talk about what happened the last time around. in an interview, house speaker says, quote at one point several weeks ago the president said to me, we don't have a spending problem. boehner says he was stunned and repeatedly push the issue with the president. he says mr. obama grew irritated and said i am tired hearing you say that. there is no give to the president's advantage and he won't hold any more closed door meetings with the president because he called it futile. the president vowed there will be no debate whether to raise the nation's already exceeded debt ceiling. a key thing that republicans will give them much better positioning as the u.s. hovered dangerously close to the fiscal cliff. the two sides don't agree whether tax revenue is sett
as budget battles over delayed spendion cuts, government funding and the looming debt ceiling. mr. obama's inauguration is january 21st, followed by his annual state of union address congressional leaders are gear up with the debate over the debt ceiling. as elizabeth corridan tells us republicans want any increase tied to spending cuts. >> i believe we need to raise the debt ceiling, but if we don't without a plan we all should be fired. >> reporter: now lawmakers start a new session under pressure to avert another financial crisis. this time, over raising the debt ceiling. if an agreement is not reached by late february or early march the united states risks defaulting on its financial obligations and the altru will be on how much congress will agree to cut spending. >> the bottom line is that we can't continue down the path we're on to borrow money to pay our own debt. we have have to have serious spending cuts. >> reporter: key democrats say they are not related. >> people are going to say i will not pay my bills unless you stop buying stuff, well stop buying stuff so you don't ha
cuts in exchange for the debt ceiling going up. and the president even before the last deal was signed had a big speech the republicans criticized in which he over and over again said i'm going to push for tax increases as part of any revenue -- as any part of any deficit reduction agreement. so you're going to have some deductions or some kind of tax increase. you're going to have spending cuts. we're in the posturing stage right now. >> a tax code overhaul? dare we even say that phrase? >> within two months, no chance. >> the tax code is being gradually overhauled, yes. i don't know that there'll be a big deal on taxes the way we were talking about last year but i think there'll be some tax changes as well. the details of those, matt's in the right direction, upper income americans, making sure they can't deduct as much money i think is where we're headed. >> we're going to start with these confirmation processes. how quickly can this stuff get going? >> who knows. i think there are some people spoiling for an intellectual fight over american foreign policy on both sides or on all si
. he's back to face new battles over spending cuts and raising the country's debt ceiling. elizabeth corridan has more on that. >> "i believe we need to raise the debt ceiling, but if we don't raise it without a plan to get out of debt, all of us should be fired." if you have a comment or story idea for stanley, e- mail us at peoplebehavingbadly@kron4.co m >> reporter: strong words for a new congress, the new years deadline for the so-called "fiscal cliff" has come and gone. now lawmakers start a new session under pressure to avert another financial crisis - this time over raising the debt ceiling. if an agreement isn't reached by late february or early march, the united states risks defaulting on its financial obligations. the argument this time around will be over how much congress will agree to cut spending. >> "the bottom line is we can't continue down the path we're on of borrowing money to pay our own debt with, and we've got to have serious spending cuts. we've got to have dollar for dollar within the same year." >> reporter: >> reporter: but key democrats say the debt limit a
, the the bulk of our long-term fiscal problems are. and this is going to be used, the debt ceiling is going to be used to get cuts. mitch mcconnell has said something similar. so you have the president saying one thing, but those in the house and senate, the republican leaders, saying something completely different. >> shannon: yeah, they think this is going to be all about spending ab that's the comfort. house minority leader nancy pelosi saying hey, we're not done talking about revenue, there could be tax increases with part of this negotiation. >> and the president himself said in the midst of the fiscal cliff deal when it looked like a deal, that this does not end the tax debate, but the the republicans say, that you know, there's 80 trillion dollars in unemployment liabilities no matter what you do in taxes, that's not going to solve where the problem is, which is medicare, social security, and medicaid, entitlement reform and they gave in, they thought on raising taxes and revenue and want to focus pretty much exclusively on entitlement spending. >> jamie weinstein, it's going to be a
negotiations. now. he's back to face new battles over spending cuts and raising the country's debt ceiling. the president could also announce nominees for key positions in his cabinet as soon as tomorrow. with the fiscal cliff beginning to fade from the minds of many americans a new fight is heating up on capitol hill. a new deal over the debt ceiling is looming in the not-so-distant future. we go now to elizabeth corridan to check up on both sides and how they're preparing to get a new deal in place. >> "i believe we need to raise the debt ceiling, but if we don't raise it without a plan to get out of debt, all of us should be fired." >> reporter: strong words for a new congress, the new years deadline for the so-called "fiscal cliff" has come and gone. now lawmakers start a new session under pressure to avert another financial crisis -- this time over raising the debt ceiling. if an agreement isn't reached by late february or early march, the united states risks defaulting on its financial obligations. the argument this time around will be over how much congress will agree to cut spendin
to cut spending. >> this is more like a debt ceiling thing. >> stephanie: again. as i was saying, what eye candy for the gals to have mitch mcconnell on every sunday show. no matter where you turn, that was -- [ screaming ] okay. this sunlight hits your television just right and reflects off his glasses things can burst into flames. you need to be careful. mike in pittsburgh writes steph -- >> he's a fire starter. he did start the fire. >> stephanie: yeah, well we didn't. dear steph i keep listening to the criticism of the fiscal cliff, not getting the $250,000 limit. here's a factoid for you. in 1939, president clinton enacted the tax rate on incomes over $250,000. now, the i.r.s. and today adjusted for inflation his $250,000 is $397,000 which is exactly what the president got. president obama got the same deal president clinton got back then. i would say the country did pretty good. >> that's just kenyan voodoo. [ ding ding ] [ applause ] >> stephanie: all right. isn't it just like -- it's like an acid flashback or like a flintstones cartoon background. here we go again. >> the same
are drawn in the battle over spending cuts and the debt ceiling. and then there is earning season. kicks off tomorrow with alcoa. >> banks in the spotlight this morning, bank of america settling with fannie mae with mortgages it underwrote during the housing boom. citi submitting to the feds. >> revising up, gdp forecast to 8-1, saying investing in the mass market stocks is the way to go. >> potential cuts at the magic kingdom reports disney's got internal cost-cutting review under way. >> the question of the day, can the new year rally continue. last week the s&p jumped 4.6% to a new five-year high. not only is wall street looking ahead to earnings season, beginning with alcoa tomorrow, but paying close attention to the battle over the debt ceiling and spending cuts. the big debate over whether more revenue increases should be on the table. >> the tax issue is finished, over, completed. that's behind us. now the question is, what are we going to do about the biggest problem confronting our country and our future. and that's our spending addiction. >> mitch mcconnell's going to draw that lin
the debt ceiling. republicans will not agree on taking on more debt without cuts on medicare, medicaid, and other social services. >> i think tax reform ought to be revenue neutral as it was back in the reagan years. we resolved that issue. with don't have this problem because we tax too little. we have it because we spend way, way too much. we settle the tax issue. the question is now can we address the single biggest threat to america's future. that's our excessive spending. >> some say this stand-up could be worse than the fiscal cliff fight. house minority leader nancy pelosi says the president should bypass the debate all together and sign the new debt ceiling into law. she told "face the nation" viewers that president has the 14th amendment on his side which states that the nation's debt shall always be paid. >>> po >>> pelosi met with hundreds of quaints and colleagues to talk about last year's chag lengs and accomplishments and this year's goals. in 2013 the democratic party will continue to focus on growing and supporting the middle class, she says. >> practice the strength in
that he isn't going to have a debate with us over the debt ceiling. he also says that he's not going to cut spending along with a debt limit hike. fiscal cliff behind us on the focus turns to spending. speaker boehner cited a new poll, showing 72% of americans agree with him. but any increase in the debt limit must be accompanied by an equal amount in spending cuts. senator john cornyn saying that if the president inten the president intends to carry through with his no negotiation threat, but a government shutdown may be the only way to find resolution. the new senate majority leader saying that it may be necessary to partially shut down the government in order to secure the fiscal well-being of our country. the looming deadline for action has been obvious. and in every instance the white house has purposely blow up the process in a shameless attempt to score cheap political points. "the washington post" reported the top ally in the senate may not be fully on board with his approach. his imperious stance, if you will. senator harry reid reportedly warned mr. obama is refusal to nego
want to say cut spending for what we do next, fine. you do not tie it the debt ceiling. >> should spending be tied to an increase on the debt limit? a tweet -- tom, arlington, texas, independent. caller: it is not so much what the government buys. it is how much the government pays for what they buys. . one common machine gun is $37 apiece. another is $47 apiece. i've thousand dollars apiece for assault rifles. maintenance cost of airplanes. who will pay that much money? host: how would you change things? caller: gets new vendors. more companies can manufacture stuff. nobody can build submarines for us other than general dynamics. they are building seven new destroyers at $7 billion apiece. host: what do you think about tying it to the limit in the debt limit increase? should we not increase the debt limit unless spending is curved? caller: yes, that would be prudent. >> cyndee wright in -- cindy writes in -- share your comments on twitter at http://twitter.com/cspanwj. stephen moore has a profile of house speaker john boehner in " the wall street journal." he writes -- randy, mic
potential default. the whole debt ceiling business. the domestic and defense cuts postpone for two months by the fiscal cliff deal kick in. also known as sequester around these parts. of course, march 27th, the big the continuing resolution that funds the entire government expires. that may be where things truly heat up. mitch mcconnell drew a line in the sand saying though republicans are willing to work on tax reform as part of upcoming budget negotiations, new tax revenue is, "absolutely off the table." >> we've resolved the tax issue now. it's over, it's behind us. >> the tax issue is over. >> the tax issue is over, finished, completed. >> that may be mcconnell's view and not the view from the white house or democrats. they say new revenue is needed, mainly by scaling back tax breaks for the welty. >> these loopholes where people can park their money on some island off shore and not pay taxes, these are things that need to be closed. we can do that and use the money to reduce the deficit. >> is that done now? is the revenue side of it taken care of yet? >> no, no. >> if mitch mcconnel
leaders still clearly prepared to use the debt ceiling as leverage, nancy pelosi explained what she would do if she were in president obama's shoes. >> why do we go through this kind of exercise that embarrass everyone. >> ask the republicans. we always passed the debt ceiling when president bush was president. there should be -- this is a conversation where there should be no doubt. in fact, if i were president, i would use the 14th amendment which says that united states will always be -- >> you would go ahead and do it. >> but the congress hasn't incurred much of this debt. >> more on the president's big january agenda the white house is considering comprehensive plans to crack down on gun violence. three weeks after the sandy hook shootings in newtown, connecticut, the task force is looking at wide-ranging measures. the group is exploring ways to strengthen mental health checks. >>> in some cases the potential measures could be implemented through executive action. >> i think what we need to do first is to see what the vice president's group comes up with, what their recommendations a
the democrats looking to get rid of these tax credits. >> they need to raise the debt ceiling, but if we don't raise it without a plan to get out of debt, while the should be fired. >> even to get rid of some of the special interest tax rates,. >> if you are a republican trying to get good media coverage, you're playing the wrong bit game. that is the only time that you have leverage. if you don't raise the debt ceiling right away, it's not defaulting on their loans. the treasury secretary can cut other spending. it is basically a government shutdown. republicans have lost that in the past. but i think unless there is something that the president has to lose, you don't have any leverage in the spending cuts. gerri: you know, the far left and far right will think that that -- well, the different analyses of what happened. they think will lives lost in the last debate what do you make of that? the republicans were in a much weaker bargaining position. what speaker boehner was doing anything that taxes went up at midnight on december 31. he actually got a tax cut compared where would've been. e
in medicare, medicaid and other government programs. >> i believe we need to raise the debt ceiling, if we don't raise it without a plan to get out of debt, all of us should be fired. >> special treatments under the tax code which ought to be looked at carefully. >> tweaks to the tax code could save money. president obama says he's willing to consider spending cuts separately, but will not bargain over the government's bargaining authorities. >>> so syria now, where the president outlined a road map for peace today, as fighting in the country continued. the u.n. says more than 60,000 people have been killed since the crisis began march 2011. stephanie gosk has more. >> syrian president bashar al assad addressed his country for the first time since june. he's very rarely seen in public. he was greeted by a packed and boifterrous oust tore yum. he blamed the crisis in syria on terrorists, including al qaeda and the countries that continue to fund them. there was little to no mention of the syrians themselves and have picked up arms against the government. assad also proposed a new political init
your pledge make the stand? will it be the debt ceiling? will it be the continued resolution? will it be sequestering? >> all three. i mean, here's the good news. we were in a difficult position because taxes went up automatically if nothing happened. now it's a situation with the republicans having the leverage, not the democrats. if no bill is passed, sequestering happens, and $1.2 trillion in spending cuts take effect. we go to debt ceiling. unless we pass the bill, the government can't have more money to spend. they got to agree to budget cuts as part of that and continued resolution. unless the house of representatives votes for continuing resolution for the budget to keep going, unless that happens, they are not going to be able to make additional payments, and so we have tremendous leverage to hold spending down. charles: disagree a thousand percent on the debt ceiling. i don't think republicans played the public relations game well, and if that goes over, they take 1,000% of the blame, and i don't think they have the stomach for that. it might be where they want to ma
uncertainty is number one. three more fiscal cliffs looming. the debt ceiling, massive spending cuts, the sequester, and a continuing budget resolution. also, the jobs recovery remains mediocre. only 155,000 jobs added to the economy. jobless rate is 7.8%. wages and incomes are barely budging, yet the prices of all kinds of things will be higher this year, notably grains, meat -- you can expect to pay 3% to 4% more for your cheeseburgers. mail, there will be a postal price up again. resident prices going up. and public transit. a lot of cities weighing higher costs to get to work. >> thanks again for the bummer of the news. brought to you by christine romans. >> home prices are rising. >> thank you, christine. it's always a joy to have you on the show. >> happy monday, soledad. >> still ahead on "starting point," president obama could face another battle in congress. tell you why some members of this new congress are already putting up a fight. next, politics to the max with former congress members connie and mary bono mack. >>> we've got john berman with a look at the day's top stor
is over the debt ceiling but also sequestration, and those defense cuts and, look, defense is part of everybody's bread and butter to a certain degree, but really that hurts republicans. they want to play hardball on this, and it could be damaging to their base. >> it could be very damaging. not just to their base, but to the country. especially if it's done in the way that sequestration sort of forces it to be done. no question, as i said before, that the defense budget is really bloated and needs to be taken down, and there's a huge disconnect between what the united states needs to do in the world and the defense budget, which seems to lag two or three decades behind where it should be. so there's a big job to do there. the sequestration and, again, if the republicans force that to happen, just takes a meat clever to stuff you don't want to take a meat clever to. it's against their real interest. >> bloated like the lunch budget for this show. there's a difference between how many salami sandwiches we need and how many we actually eat. >> i feel like we've been purged from that
with the fiscal cliff fight behind him, the president faces another looming showdown over the nation's debt ceiling, its borrowing limit. today, senate minority leader mitch mcconnell insisted the tax issue is resolved but demanded spending cuts. >> i wish the president would lead us in this discussion rather than putting himself in a position of having to be dragged kicking and screaming to the table to discuss the single biggest issue confronting our future. >> reporter: also tonight, an administration official tells nbc news that the president is likely to name his selection for cia director tomorrow, the person who would replace david petraeus. the two men who are being considered as top candidates right now are the homeland security and counterterrorism adviser to the president, john brennan, and on the left of your screen you see the acting cia head, mike morrall. lester? >> thank you. >>> in addition to the battles over the debt ceiling and cabinet nominations, the president has a lot more on his plate in the coming weeks, including a fight over guns after the tragedy in newtown. and
. we are going to see only cuts as sort of an agreement around this debt ceiling. so does that impact certain sectors and earnings? >> maybe. but we're a wash in liquidity again. we're in that type of market. >> yes. >> i think the economy is going to end up being far stronger than people realize. that will take over and overtake the fiscal austerity. however we get there, i don't think we're going to do europe in terms of austerity. we're not doing greece. these guys are not ready to do that type of deal. i doubt the president will get a trillion dollars in tax increases and in spending cuts. >> we'll leave it there guys. final word, jack. go ahead. >> how we get there doesn't matter much. over the weekend they're going after the energy industry. whether they can get that done or not. that's to be determined. but there's some real sector implications as to how we see this austerity measures coming together. >> good point. thanks, gentlemen. we appreciate it. we'll be watching the markets ahead of earnings for sure. >>> more than 250 retail executives rub elbows at the womens summit i
't quite know what it's going to do in terms of bargaining around the debt ceiling limit. they've got a situation where th they're obviously talking about cuts. but one of the problems is people don't really wants cuts. and, also, i think the other reality is if you look at what's happened so far, i think we've cut out quite a bit. revenue that's come in so far, actually, i think it's been a third or fourth of that. so thal eve got a real challenge going forward in terms of what are we going to speak with. >> michelle, as long as it's out there where you have some just overtly saying shutdown is good, i'll do shutdown. don't we need the leadership like mcconnell to say unequivocally, we're not talking about a shutdown nou. it's not a good thing. even nut gingrich, the architect of the shutdown in the '90s says it's not good. it makes one wonder are the others speaking in a set or tone that they can use as an option and that that would be disastrous for this country and the economy. >> i think if the cliff negotiations taught us anything, you can't listen to the hardline luster this ea
with the debt ceiling is this is again playing roulette. what they have to do is they have to have a caucus united on a simple demand. whatever it is, $1 in spending cuts for every $1 in debt increases, a balanced budget amendment, but something. they also made a tactical throw back. if they do not, they will get rolled. advice is' thoughtful, but when asked if they would expect -- accept $10 for $1, everyone said it was unacceptable. we are in a position where we'd like to take tough positions but we do not like to make tough calls. >> i think we will see something inherently different. i think the president is serious when he says he will not negotiate over the debt ceiling. he should not. this is something that is artificial. >> will the new congress make a difference? more women, more latinos, gays and lesbians. will the makeup of congress make a difference? >> if anything, congress is more polarized because of redistricting. this is part of the problem. >> you do not see a ted cruz of texas and elizabeth warren coming to terms over legislation? >> i doubt it. there's another thing here
big cuts in programs like medicare and social security as a condition for raising the debt ceiling. >>> and u.s. regulators may announce a $10 billion settlement today over bad foreclosure practices. the "new york times" first reported the deal last week said 14 banks, including citigroup, jpmorgan and the bank of america are involved. nearly $4 billion will go to people who lost their homes in 2009 and '10. the rest will be for those in the process. the times says the fed threatened to block the settlement, demanding for money from banks for their reason in the financial crisis, but has since back down. >>> and a reminder of what on the agenda in australia tomorrow, falling resource revenues have been widening their trade deficit. and it's also in focus with samsung electronics, expected to release it's delayed guidance. at the same time, japan's retail giant will unveil their q3 forecast, as well. and december faels figures are due from taiwan. auoptronics and umc. >>> still to come, our next guest expects a 10% price drop in aural commodities over the new year. we'll find out wh
got this fiscal crisis, we've got a debt ceiling discussion, we've got senator mcconnell saying, listen, we got to find ways to cut entitlements. isn't this smack in the middle of that debate when you're charging $300,000? >> well, we charge $295,000 because of really three things. one, the burden of illness of the condition you described, $200,000 to $600,000 a year is the cost for each one of these patients. we charge $295 because of the value that gattax brings. reducing the nutrition, 15% of patients getting off of nutrition altogether and improvement in the quality of life. and third, there's a premium associated with treating only 3,000 to 5,000 patients in the u.s. >> so the insurance companies would actually favor using your drug than doing what they're currently doing for these people. >> that's exactly right actually. 100% of the payers said that they would reimburse gattex. 76% of the physicians said that they will prescribe gattex independent from the cost. and about 100% of the patients said they will try gattex. >> let's go over when people talk about cutting medic
. all this sets the stage for a fight over the debt ceiling. the president has already said he's not willing to have. >> last time congress threatened this course of action, our entire economy suffered for it. our families and our businesses cannot afford that dangerous game again. >> it's a shame that we have to use whatever leverage we have in congress to get the president to deal with the biggest problem confronting our future. and that's our excessive spending. >> let's bring in and say good morning to senator bernie sanders, independent senator from vermont who caucuses with the democrats. it's great to have you here. let's look back at this. after voting to hike taxes for higher income earners in this country, republicans say that the revenue debate, that's over. it's behind them. however, the president, leader pelosi and even you are now ready to go after corporations that in some cases pay no taxes at all. house speaker john boehner has signaled a mild openness to closing loopholes. do democrats smell blood in the water here? and is that where this potential is coming f
't get anything. the president has to at the end of february have a debt ceiling hitting him in the head. march 1, across-the-board cuts will be automatic. he's going to have to again deal with republicans. then congressional funding runs out. these are three deals coming up from the winter/spring. i don't understand why he isn't setting the table on a more positive note. >> john boehner was at home in ohio and he saw harry reid on the floor of the senate calling him a dictator and stuff like that. when they crossed paths in the white house, harry said something -- i'll quote it exactly. >>steve: john boehner said, harry, go -- and then a word we don't skwrebl use use -- we don't generally use on television. >> guys, look, i think a lot of people said the president was concerned about his legacy and he was going to change his tune in the next four years. i think this discussion shows that's simply not the case. i think in those three things you pointed out, brian, as far as coming to the table, i think he's going to have the same tactic, which is i won reelection and i'm not budging. we'
, debt ceiling, sequestration and even the continuing resolution. it is interesting on a deal almost everyone agrees white house won big-time, 40 to one ratio from taxes to spending cuts. it is interesting to hear nancy pelosi the language around this. the suggestion this deal only impacted so-called wealthiest people, families making 450,000 or more when in fact everyone watching this show probably got a check on friday that was a lot less than they anticipated just a couple weeks ago. what i really am concerned about is the idea if you want more revenue, where are you getting from if you want to tax more? even with this deal, talk about some of the things we don't talk about a lot. for instance, personal exemptions are being removed. if you have a family ma 250,000 or more, you lose that exemption. if you have two, father and mother, two kids, that is about over 4% percentage point tax hike on you. if you have four kids, that is 6 percentage points. in other words everyone is already seeing their taxes go higher. if they want to get to the 1.6 trillion number president obama has ta
confusing things going on today in defense, in defense budgeting with various debt ceiling deals, averted sequestration or not averted sequestration, this is a very timely period to be having this conversation. and fortunately, we're joined by a fantastic panel of experts to help us cut through some of this confusion, but even more importantly, pull back and look at some of the bigger strategic questions that are out there. joined by three folks here, mike o'hanlon, who you already met, senior fellow and director of research of foreign policy here at brookings. he's one of the most important and prolific voices in defense issues, written literally hundreds of op-eds, columns and articles including one to point you out to that's up on foreignpolicy.com's web site right now looking at defense budget scenarios. his most recent books include "the opportunity: why nuclear arms control is still important" and very appropriate to today's event, "the wounded giant." then we're joined by richard betts who's one of the top thinkers and teachers in the field of security studies. he's a salzmann prof
things on the president's agenda coming up include immigration gun control and the debt ceiling. the treasury is slated to lose borrowing power by the end of february unless congress agrees to raise the limit. spending cuts kick out on march 1st to every federal program. on the issue of gun control, the joe biden led tackle force has not reached any plans yesterday but according to "the washington post," the group is considering requiring universal background checks for all gun biers and harsh penalties for carrying guns near schools or giving them to miners. they would track the movement and sales of weapons through the national database. more bill press show coming up after the break. we are live in our chat room. join us there at current.com/billpress. see you there. going to do the young turks. i think the number one thing that viewers like about the young turks is that we're honest. they know that i'm not bs'ing them with some hidden agenda, actually supporting one party or the other. when the democrats are wrong, they know that i'm going to be the
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